Building Details

Year Built 2006

Listing Agency: CBRE | Syracuse Show Phone

Listed By: Lawrence Papaleo · License #Associate Real Estate Broker Show Phone

Source: Moodyscre

Added: May 8, 2025 Changed: Oct 25 Last Checked: Oct 30 at 2:34PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE | Syracuse

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Investment Insights

Based on property information with market context.

This 8,005 SF medical office building was built in 2006 and is positioned for healthcare-related use. The property includes ample parking to support patient and staff access.

The building is located near the signalized intersection of N. Triphammer Road and Craft Road. N. Triphammer Road is listed at 8,167 AADT, and the property is approximately 0.7 miles to Rt. 13.

Area context includes nearby healthcare practices such as Cayuga Pet Hospital, Smith Allergy & Asthma Specialists of Central New York, Cayuga Health Outpatient Laboratory, and Dermatology Associates of Ithaca.

Key Highlights

• 8,005 SF medical office building built in 2006
• High‑visibility location near the signalized intersection of N. Triphammer Road and Craft Road
• N. Triphammer Road traffic count of 8,167 AADT near the intersection

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$132,620

Cap Rate

8.29%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,652,400 $2.7M

Cap Rate 7%

$1,894,571 $1.9M

Cap Rate 9%

$1,473,556 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,005 SF

Gross rent

$226.7K $28.32/SF

− Vacancy

−$49.9K −$6.23/SF

EGI

$176.8K $22.09/SF

− OpEx

−$44.2K −$5.52/SF

NOI

$132.6K $16.57/SF

Area

Tompkins County, NY

Vacancy

22.00%

Lease Rate

$28.32 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,652,400

Cap Rate 7%

$1,894,571

Cap Rate 9%

$1,473,556

Alternative Uses

Best Use

Office B

$1.89M

$1.66M – $2.21M (±1% cap)

NOI $132,620 @ 7.0% cap · market cap 8.29%

Second Best

Healthcare Medical

$1.71M

$1.50M – $2.00M (±1% cap)

NOI $119,955 @ 7.0% cap · market cap 7.50%

Theoretical Best

Office A

$2.50M

$2.19M – $2.91M (±1% cap)

NOI $174,854 @ 7.0% cap · market cap 10.93%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Ravjyot Chawla Physician Ashlin Thuman Physician Brian Marino, DO Physician Dr. Jonathan Mauser Physician Sara Foster Physician

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Real Estate Agency Law Firm Auto Repair Shop Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8,167 VPD

Traffic count

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

466

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 14850, NY

69,271

Population

31,772

Households

2.2

Avg Household Size

29

Median Age

72%

College-Educated

96%

High-School Grad

124.8 sq mi

ZIP Area

555

Density / Sq Mi

$69,689

Median Household Income

$36,115

Median Earnings

$1,446

Median Rent

$334,800

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Built in 2006, this 8,005 SF medical office building offers ample parking near a signalized intersection.

Where is this medical office space located?

The property is located at 2432 N Triphammer Rd Ithaca, NY.

What is the asking price?

The asking price for this property is $1,600,000.

What are key features of this property?

This property features: 8,005 SF medical office building built in 2006; High‑visibility location near the signalized intersection of N. Triphammer Road and Craft Road; N. Triphammer Road traffic count of 8,167 AADT near the intersection